First Solar Inc. reported a 70.56% quarter-on-quarter rise in net sales, reaching $1.51 billion in Q4 2024.Annual revenue grew 26.75% to $4.21 billion, driven mainly by higher module sales to third parties, the Tempe, Arizona-based company stated online.In 2023, net bookings totaled 4.4 GW, with an average selling price of 30.5 cents per watt, excluding adjusters, Indian domestic volumes, and terminations.
First Solar posted a Q4 net profit of $393.12 million, up 25.61%, with diluted earnings per share at $3.65, missing the Zacks Consensus Estimate by 21.3%.Cash and marketable securities, minus debt, rose to $1.2 billion from $0.7 billion in the previous quarter.
The increase was driven by proceeds from the sale of 2024 Section 45X tax credits and module segment cash flows, partially offset by capital expenditures for its Alabama and Louisiana facilities.Last week, First Solar announced the sale of $857 million in U.S. tax credits at $0.955 per $1 credit, expecting $819 million in gross proceeds. It received $645 million in December for the first transaction.
CEO Mark Widmar highlighted the company’s selective bookings, Alabama facility launch, ongoing Louisiana construction, new R&D center in Ohio, and record module production and shipments.First Solar’s $1.1 billion Alabama factory has 3.5 GW capacity, boosting U.S. production to nearly 11 GW and global capacity to over 21 GW.A $1.1 billion, 3.5 GW Louisiana facility is set to launch in late 2025.In India, a $700 million, 3.3 GW plant began operations in 2023.
By 2026, U.S. capacity is expected to exceed 14 GW, with global capacity reaching 25 GW.First Solar closed 2024 with $5.09 billion in current assets, including $1.62 billion in cash. Liabilities totaled $2.08 billion, with $236.42 million in debt.
